China Aims to Boost Oil and Gas Supply by 440 Million Tonnes by 2030
China has set ambitious targets for its oil and gas industry in its newly released '15th Five-Year Plan' for 2026-2030. By 2030, China aims to increase its domestic oil and gas supply to 440 million tonnes of oil equivalent, with a significant expansion of pipeline networks.
The plan requires the construction of 20,000 km of new long-distance pipelines, bringing the national network to a total of 220,000 km. This will also include an increase in natural gas reserves exceeding 13% of national consumption, and LNG receiving terminal capacity reaching 200 million tonnes per year.
In terms of CCS/CCUS, China has incorporated it into its core indicators for the first time, requiring annual CO2 injection of 10 million tonnes. The plan also emphasizes a 'three-pronged approach' in exploration, strengthening fine-tuned exploration in mature eastern regions, concentrated exploration in central-western and offshore areas, and risk exploration in new zones and frontiers.
Lin Boqiang, dean of Xiamen University's China Institute for Studies in Energy Policy, noted that oil and gas account for only about 27% of China's energy mix, compared to 72% in the United States. He stressed the need to reduce import dependence through wind, solar, storage, and EV deployment.
The plan also requires promoting peak oil consumption and systematically advancing energy conservation and carbon reduction in oil production. In refining and chemicals, it adheres to 'reduced-capacity replacement' for refining capacity, continuously advancing 'oil-to-chemicals', 'oil-to-specialty', and 'oil-to-materials.'